We bring deep, functional expertise, but are known for our fun approach to work. We love what we do and we love bringing our success to our clients.
Hampton Tax and Financial Services, LLC is a different type of financial services firm. We have some of the best industry experts and offer unique access to specialist expertise and analytical tools.
Our solutions are innovative and brave, while at the same time based on industry knowledge and key strategies. We believe there is always a solution.
The Hampton Tax and Financial Services, LLC team consists of expert strategists committed to helping our clients with their most complex challenges and building tailored solutions to help them achieve sustained growth.
We begin by helping our clients choose where to focus to get the greatest return on their business investment. We aim to find the quickest route to success.
Tax Return Preparation
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the U.S. Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional. We will provide a tax return checklist of commonly overlooked deductions to help limit your tax liability. Your tax return will be checked and rechecked by our tax professionals to identify potential problems the IRS may look at more closely and to limit IRS contacts. Your tax return will be filed electronically so you will get your refund back quicker. We will also show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months? We will also show you potential deductions to help limit your tax liability for next year.
Prior Year Tax Return Preparation
Every day the IRS computers and IRS Agents are getting more sophisticated. It’s just a matter of time before they catch up with you. This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time of up to one year in prison for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns? Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent tax returns you’ll likely avoid further problems other than having to pay the interest and penalties. If you wait for the IRS to file your tax returns for you, they will be filed in the best interest of the government, usually with little or none of the deductions you are entitled to. Before anything can be done to extract you from this predicament all of your tax returns must be filed. You must be current. In most cases you will likely owe taxes, interest, and penalties after your delinquent tax returns are filed. Once we see how much is owed, we’ll set a course of action to get you off the hook!
Business Entity Selection and Formation
What does it mean to incorporate? Incorporating a business means turning your sole proprietorship or general partnership into a company formally recognized by your state of incorporation. When a company incorporates, it becomes its own legal business structure, set apart from the individuals who founded the business. Through incorporation, the company’s owner or owners create a separate legal entity to transact business. This new business entity, corporation or limited liability company (LLC), transforms the way the business is seen through the eyes of the law and has more credibility with potential customers, vendors and employees. You have a business to manage, and incorporating takes time. Let our business filing experts save you time, hassle, and money to incorporate your business. Our goal is to simplify the start-up and development phases so you can focus more of your attention on growing your business. We provide a FREE consultation to select the right structure for YOUR company. Significant tax savings can be achieved based on the nature of your business and the structure of your company. Our goal is to help you select the right structure and then realize the tax savings each year going forward. Once you decide on incorporation, call us to handle all the details for you. If you are not sure how your choice of business formation will effect your tax situation contact us for a free consultation.
Our experts will determine if the name you have chosen for your business is available for use in your state. If not, we will contact you so that you can choose an alternate name. Our professionals will file the appropriate forms with the state to start your business and ensure that they comply with all state filing requirements. We will then work to resolve any issues that may arise and monitor the progress until the incorporation documents are accepted and filed by the state. As soon as we receive the official filed incorporation documents from the state, we will email them to you for your records and safekeeping.
New Real Estate Investor Tax Consultation
Our New Real Estate Investor Tax Consultation is designed to educate and prepare new investors to start, manage and successfully grow their business from a financial and tax deduction standpoint.
We will discuss and provide written examples for best business practices, best banking practices, best accounting practices, suitable record keeping systems, accounting software recommendations, real estate investor tax deductions, advanced real estate investor tax strategies, the importance of “date placed into service”, capital improvements vs. repairs and maintenance expenses, depreciation, capital gains tax and depreciation recapture, 1031 exchanges, tax issues for short-term rentals, renting your primary residence or vacation home, and renting out a room in your house.
Cost Segregation Services
Cost Segregation is the practice of identifying assets and their costs, and classifying those assets for federal tax purposes. In a cost segregation study, certain commercial building costs previously classified with a 39-year depreciable life, can instead be classified as personal property or land improvements, with a 5, 7, or 15-year rate of depreciation using accelerated methods. Residential buildings, including multi-family buildings are subject to a 27.5 year life. An “engineering-based” study allows a building owner to depreciate a new or existing structure in the shortest amount of time permissible under current tax laws.
The benefits of a cost segregation study include:
- An immediate increase in cash flow
- A reduction in current tax liability
- The deferral of taxes
- The ability to reclaim “missed” depreciation deductions from prior years (without having to amend tax returns)
Planning is the key to successfully and legally reducing your tax liabilities. We continually look for ways to minimize your taxes throughout the year, not just at the end of the year. We make it our priority to enhance our mastery of tax law, complex tax codes, and new tax regulations. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We recommend tax saving strategies that help you grow and preserve assets, defer income so you pay less taxes, reduce taxes on your income so you keep more of what you make, reduce taxes on your estate so your family keeps more of what you’ve made, reduce taxes on your gifts so you can give more, reduce taxes on your investments so you can grow your wealth faster, and reduce taxes on your retirement distributions so you can retire in style.
The mission of our financial planning division is to educate our clients, help them achieve their financial goals, and make financial planning accessible to everyone. We create financial plans that reflect the values and goals of our clients.
Every child dreams about what they will be when they grow up. A college education can be the most important factor in that dream becoming a reality. The available education planning choices can be confusing, and it is important that you have someone who understands how your savings will affect your child’s or grandchild’s ability to qualify for financial aid, as well as the implications for your income, gift, and estate tax situation. We can help you calculate not only how much you’ll need to save for college, but also which investment products are appropriate for your situation. We can also determine how your savings will affect your child’s financial aid eligibility, and how all of this will impact your tax situation.
Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
No one likes to dwell too long on their own death or the impact it will have on their loved ones. A sad situation is made much worse, however, when a will is contested or no thought has been given to taxes. Estate planning allows you to take action now to ease the burden of your relatives when you pass away. It also assures that your assets will be distributed per your instructions. Our consultants are ready to discuss your concerns about your estate and design an estate plan tailored to your unique circumstances. We will review and update all relevant documents such as wills, power of attorney, and health care directives and assure their legality by coordinating with other estate planning professionals when necessary. We will recommend trusts or insurance that protect your wealth and minimize taxes. Estate planning is not everyone’s favorite topic, but a bit of work now will relieve any worries you may have about the future and make a hard time for your family much less difficult.
First and foremost, we get to know you and understand your business. As the business owner, you know more about your business than anyone else. For this reason, we will take the time to learn from you the ins and outs of your business. It is only after a complete understanding of your business that we can begin to help you. After we have learned the details of your business, we go to work identifying problems and opportunities. Those may be problems and opportunities you point out to us, but we also have a process to identify problems and opportunities which you may have overlooked. We bring fresh eyes, fresh experience and an open mind to your business enterprise, providing a completely different perspective than that of someone who has been running the company for some time or someone looking to start a new venture. After identifying the problems and opportunities of your business we will then analyze this information to provide solid solutions and plans for the future. Often times, business owners are so focused on working “in” the business that short term and long term outlooks and strategies are overlooked and neglected. We can re-focus your company’s strategies to solve immediate problems, while taking advantage of future opportunities. In short, we will minimize expenses and maximize profits through our proven process.
IRS Employer Identification Numbers
An IRS Employer Identification Number is required for businesses to open bank accounts, apply for loans, hire employees, etc. We will register your business with the IRS and secure a tax identification number for your entity.
Federal Employee Retirement and Benefits Analysis
We educate federal employees about their unique and complex federal retirement and benefits. Retirement planning is critical in these uncertain times. We can help you evaluate all of your available options. Our focus is on helping you make choices that are appropriate for your financial situation. Our Federal Employee Retirement and Benefits Analysis includes a 50 page report that covers the following topics:
Estimate Retirements for:
- FERS (includes RAE & FRAE)
- CSRS Offset
- FERS Transfer
- MRA +10
- Regular (Voluntary)
- Early Out – VERA (Optional)
- Special Provisions (Mandatory)
- Federal Employees
- Postal Employees
- Law Enforcement Officers
- Air Traffic Controllers
- One-click earliest retirement date estimate
- Calculate/estimate future creditable service time
- Calculate/estimate sick leave service time
- Military service time – option to recalculate SCD
High 3 Average :
- Calculate/Estimate High 3 average at retirement
- Option to manually enter High 3
- Calculate/estimate deposit, costs & penalties
- Calculate/estimate redeposit, costs & penalties
- Calculate/estimate monthly & annual annuity
- Survivor Benefit: election options, benefits & costs
- Calculate/estimate accumulated costs of survivor benefit
Delayed Retirement (not Deferred):
- Estimate delayed retirement annuities
- Calculate/Estimate COLA increases in retirement
- Calculate/Estimate FERS Supplement
- Calculate/Estimate Social Security benefits
- Calculate/Estimate CSRS Offset annuity
- Calculate/Estimate social security with COLA
Thrift Savings Plan:
- Detailed entries for: Existing Savings, Contributions (including govt. match & catch up), Rates of Return & Withdrawal Age
- Detailed Estimates for Contributions, Growth (including compound interest) & Withdrawal
Detailed TSP Analysis Capabilities:
- Compare effects of changing fund allocations
- Examine long term growth impacts from compound interest
- Explore multiple withdrawal options
TSP Withdrawal Options:
- Lump Sum
- Monthly Payments Options: Life Expectancy & Specific Dollar Amount
- Calculate/Estimate FEGLI benefits & costs: Basic, Options A, B & C
- Calculate/Estimate FEHB costs – Monthly, Annually, Accumulative
Long Term Care Insurance:
- Calculate/Estimate benefits & costs of FLTCIP
Outside Sources of Income:
- TSP Rollovers, Pensions, Rental Property, Spousal Income, Jobs after Retirement, Other Taxable & Non-Taxable Income
- Compare income from last 30 days of work vs first 30 days in retirement
Government Sources of Income:
- Salary, Annuity, FERS Supplement, Social Security, TSP
Outside Sources of Expenses:
- Living Expenses – Summarized or Itemized
Government Sources of Expenses:
Retirement Penalties, Survivor Benefit, FEGLI, FEHB, LTC, Taxes
Income & Expense Comparisons:
- Other Income & Expenses
- Government Income & Expenses
- All Income & Expenses
- 50+ page Retirement Benefits Analysis Report